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Anyone who knows anything about bankruptcy...

We're considering it. The forms asked for a value for all of our property. Are we goign to have to surrender everything we own?

 
Ati_13

Asked by Ati_13 at 2:22 PM on Dec. 10, 2010 in Money & Work

Level 24 (21,184 Credits)
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Answers (7)
  • It depends on what type you file.
    UpSheRises

    Answer by UpSheRises at 2:24 PM on Dec. 10, 2010

  • We just did chapter seven I think and that is where you keep your house and start over fresh. They just want all the info should not take the house if not worth a whole lot. They just told us they want to check next years taxs and that is about all. Just fill out to the best of your knowledge the info and be honest with them. It was easier than I thought.
    momindiana

    Answer by momindiana at 2:27 PM on Dec. 10, 2010

  • You should be able to keep your house. Unless you have a very large amount of equity that could be used instead of filing.
    A.Perry

    Answer by A.Perry at 2:45 PM on Dec. 10, 2010

  • Honestly, I'm not worried about the house. We rent and own a different home (had to move unexpectedly). We rent that one out and I've been screwed over so many times and it's such a PITA that I couldn't care less if it gets taken. I worry about our beds, our furniture, etc.
    Ati_13

    Comment by Ati_13 (original poster) at 3:06 PM on Dec. 10, 2010

  • Anon, you don't understand. Under chapter 7 bankruptcy code you have to liquidate any non-exempt property. You don't just cancel credit cards
    Ati_13

    Comment by Ati_13 (original poster) at 4:46 PM on Dec. 10, 2010

  • it depends if the value of your property was worth it. When my ex husband and I filed 7 years ago, the only thing we voluntarily gave back was his work van, since he was injured and couldn't work in that profession anyway. We kept the personal car and all personal possessions.....none of the companies we owed even showed up to dispute.
    Mom2Jack04

    Answer by Mom2Jack04 at 6:43 PM on Dec. 10, 2010

  • No, you just cancel your credit cards. You still have to pay your mortgage, equity loans and utilities.
    Anonymous

    Answer by Anonymous at 3:41 PM on Dec. 10, 2010

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